XAG/USD: silver price falls

The pair is pressured by strengthening across the market US Dollar that was supported by unexpectedly strong US labour market statistics that came out on Friday.

At the same time, the price is supported by instability on the Chinese stock market. Investors begin to worry that the Chinese government is failing to find a way to stabilise the market. Amid growing concerns, the price of safe-haven assets such as silver is growing.

Support and resistance

Bollinger Bands on the daily chart shows slow downward movement. MACD is falling and giving a weak sell signal. Stochastic is also moving down but is reaching the oversold zone.

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